There are two scenarios to consider here - (1) returning the security to the tenant, and (2) retaining the security deposit in the event of damages or rent arrears and paying this to the landlord.
This entry focusses on the first scenario - returning the deposit to the landlord. Click here to see how to return the security deposit to the landlord.
All payments are made via the Bank facility. To record the return of a security deposit:
- From the main menu select Bank > Tenant Transactions.
- Identify the property / tenant by process outlined in record receipt of rent payment.
- Select the Payments (Outgoing) tab.
- Select Return of Security Deposit from the Type drop down list.
- Complete the remaining transaction details and then click on Submit Payment.
Note that the following fields must be supplied:
- Tenant (select from the drop down list)
- Bank Account (select from the drop down list)
- Medium (select from the drop down list)
The following optional fields may also be supplied:
- Cheque Number
This is the actual date on which the payment was made.
The tenant from whom the rental payment or security deposit receipt has been received.
When recording the return of a security deposit select "Return of Security Deposit" from the drop down list.
The value of the security deposit returned to the tenant - a numerical value.
The bank account from which the transaction will be paid.
The form of the transaction: Cash, Cheque, Direct Debit, Standing Order, BACS or Other.